Graham posts jump in Q3 profit

The Batavia-based firm also logged growth in revenues as shipments to the refining and petrochemical markets in the Middle East and Asia offset lower sales in the United States.

Graham reported net income of $3 million, or 30 cents a diluted share, versus net income of $1.6 million, or 16 cents a diluted share, a year ago—a rise of some 86 percent. Excluding a $975,000, or 10 cents a diluted share, benefit associated with the reversal of a reserve related to Graham’s subsidiary Energy Steel, net income increased to $2.1 million, or 21 cents a diluted share, over the prior year.

Sales were up 5.4 percent to $25.6 million, from $24.3 million for the quarter a year ago.

“We remain optimistic in both the long-term outlook in our markets and our ability to achieve our goal of more than $200 million in annual revenue in this next cycle,” said James Lines, Graham president and CEO, in a statement.

The company expects full-year fiscal 2013 revenue of $102.5 million to $107.5 million.

Graham ranked 24th on the most recent Rochester Business Journal list of manufacturers with 291 employees.

Shares of Graham stock (NYSE MKT: GHM) were down nearly 3 percent to $22.50 in early trading Friday.